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Cleveland-Cliffs Joins $24M Iron Ore Project

SILVER BAY, MN-A demonstration plan could lead to a larger, $70-million iron ore processing plant. Kobe Steel, Ltd., Ferrous Resources LLC and Ferrometrics, Inc. already have signed on.

By Jim McCartney | Updated on April 21, 2002

SILVER BAY, MN-Cleveland-Cliffs Inc. says it has signed a deal with Mesabi Nugget, LLC to participate in the second phase of a $24-million iron-producing project that includes building a plant. The project, which Cleveland-Cliffs is participating through subsidiary IronUnits LLC, also includes Kobe Steel, Ltd., Ferrous Resources LLC and Ferrometrics, Inc.

The state is participating in the project, which will further develop Kobe Steel’s newiron-making technology, which converts iron ore into a nearly pure iron in nugget form. Iron nuggets would be used as an alternative or supplement to pig iron in the steel-making process.

The project’s second phase includes development and operation of a pilot demonstration plant. Cliffs will invest $4.5 million in cash, materials, other property and manpower through this phase, with additional financing coming from the state andthe other members of the project.

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